I-T Dept conducts raids at jewellery showrooms

Ludhiana : After the huge rush at Jewellery shops following the decision of Prime Minister Narendra Modi of demonetization of one thousand and five hundred currency notes, the Income Tax department on Thursday conducted raids at several Jewellery shops.

The department has received complaints and information regarding the huge sale of gold in cash at various Jewellery shops in city after the government has declared currency notes of one thousand and five hundred as invalid. The people having uncounted cash of lakh and crores have thronged to Jewellery shops and purchased gold. According to information the raids were conducted at Nikkamal jewellers, Jamna Das Nikkamal and other Jewellers at Mall Road, Rani Jhansi Road and College Road.

However, the department didn’t reveal the details of raids and survey but sources told that the jewellers were selling gold in back date and the bill was given less than two lakh for which the Income Tax department didn’t maintain record.

Sources said that the jewellers were selling gold for rupees fifty four thousand per tola against the prevailing market rate of rupees thirty two thousand. The jewellers were accepting the currency notes of one thousand and five hundred.

The Income tax department has sought the bills and details of customers from the Jewellers, said sources. It is pertinent to mention here that on Tuesday late night a leading Jewellery shop at college road has sold gold for several crores and accepted uncounted cash from the customers. The photos of shop selling jewellery at midnight were received by Income Tax department.

Rohit Mehra of Investigation wing of Income Tax department confirmed the raids at Jewellery shops but didn’t reveal the further details.